Buying and renovating a condominium

Condominiums have enjoyed increasing popularity for some years, especially in the United States City centers of the cities and large cities were invested by the city leaders and modernized. As the owner of a condominium, you benefit not only from the added value of the property itself, but also from an increasingly attractive environment. When renovating a condominium, however, certain regulations must be observed, because this is a special property - in addition, you become a part owner of a property, which is managed by the owner community.

We clarify the essential terms and explain the funding opportunities in Germany in the context the Energy Efficient Restoration & ldquo;.

Rights and Duties of the Homeowner

Before calculating the contingencies of the home purchase, it is important to have a thorough understanding of the modalities of each homeowner community. Separate ownership of the apartment with possibly associated cellar and garage space, as well as the proportion of developed land are legally separated. Joining the community of owners is already explained with the notarised purchase agreement, in principle all co-owners have the same right to vote. This voting right may be of interest to the property, installation work or even the sale of the special property, but must not be subject to the consent of the owner community.

In Germany, the housing law (WEG) governs the basic principles, all other rights and obligations from the established Community order. In many cases, this is already registered in the land register, but in any case it is also part of the notarial purchase contract. Analogous to the division declaration, from which the exact boundaries of special and community property result, these orders regulate the mutual rights and obligations of the co-owners. Before the purchase, it is advisable to consult with the administrator and thereby obtain possible remedial measures and such information. With access to the minutes of the owners' meeting, you can also find out how high monthly burdens actually are or whether there are any reserves. It can also be deduced from this, how generally the mood within this community is and whether forward-looking, necessary modernization is even denied.

For the renovation of the condominium

Especially with old buildings comes to an energy renovation in mind to parallel energy costs and CO2 To reduce emissions and to sustain the maintenance of the plant permanently. In Germany, the KfW banking group in particular acts as a state-owned promotional bank; in addition to investment subsidies and low-interest loans, it offers a large range of individual subsidies. The subsidy will be granted if either an already energetically refurbished condominium is acquired or individual measures are planned on the house, which were structurally notified before 1 January 1995.

Owners of condominiums in condominium associations as well as condominiums themselves, if natural Persons here exclusively as owners. Unless it is a refurbishment according to the requirements of the KfW Efficiency Houses, a number of specific individual measures are promoted. These include in particular the thermal insulation, the renovation of windows or exterior doors as well as the optimization of existing heating systems. In many cases, the accompaniment of an expert is a prerequisite for promotion, and separate technical requirements must also be fulfilled. Whether an expert is accepted according to the criteria of KfW can be found in the & bdquo; expert list for federal funding programs & ldquo; (PDF). In this respect, service providers who are entitled to & sect; 21 EnEV as an authorized exhibitor.

In Austria, there are other decisions on grants of land in property objects. In particular, subsidies for the installation of new apartment entrance doors and windows are subsidized there. However, the replacement work must be carried out by professionally authorized companies and the material bills submitted. What conditions still have to be met and how the application process runs can be found on this page. Matching, redevelopment-condominiums in popular regions of Austria can be found online at various real estate exchanges. These examples of properties in Austria can undergo a massive increase in value through extensive refurbishment.

Additional Tips and Advice

  • In the context of the owners' meeting, urge that all measures be decided on the basis of a sound energy and refurbishment report.
  • Make sure that investment reserves are regularly saved and, when purchasing, also consider possible special allocations that can not be covered by the investment reserves .
  • The principle of "double qualified majority" makes it possible to perform only pure modernization. The prerequisite for this is that at least three-quarters of all voting shareholders have a positive vote and, in addition, at least half of all co-ownership interests are represented. This allows for measures between a luxury refurbishment and a modernizing maintenance.

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